Kibo Energy PLC Kibo Renews MOU with Tanzanian Utility, TANESCO (2568H)
November 23 2022 - 2:44AM
UK Regulatory
TIDMKIBO
RNS Number : 2568H
Kibo Energy PLC
23 November 2022
Kibo Energy PLC (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
('Kibo' or 'the Company')
Dated: 23 November 2022
Kibo Energy PLC('Kibo' or the 'Company')
Kibo Renews MOU with Tanzanian Utility, TANESCO
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the
renewable-energy-focused development company, is pleased to
announce the signing of a renewed Memorandum of Understanding
('MOU') with Tanzania Electric Supply Company Limited ('TANESCO')
in relation to the development of the Mbeya Power Project (the
'Project') as first announced in a Company RNS dated 14 February
2018. The renewed MOU is in essence an agreement between the
parties on the process to agree and conclude a Power Purchase
Agreement ('PPA') whereby TANESCO will purchase power with a
capacity of 300 MW from Mbeya Power Limited ('MPL'), a subsidiary
of Kibo.
The objective of this MOU is to establish a general framework of
collaboration and cooperation to enable the design, development,
financing, construction, commissioning and operation of the Mbeya
Power Project and its associated infrastructure. The MOU sets out
clear guidelines, deliverables and timelines for the conclusion of
a PPA and related implementation agreements.
The Project is Kibo's initial flagship energy project based in
Tanzania where the Company aims to build a 300MW steam-powered
power station in alignment with the Tanzanian Power System Master
Plan (2020). The renewed MOU provides Kibo with the opportunity to
reintroduce the Project into its development plans and specifically
alongside the Company's new bio-fuel initiative previously
announced in a RNS dated 25 August 2022.
Louis Coetzee, CEO at Kibo Energy, says: "We are delighted to
see this robust flagship project revived. The renewed MOU provides
Kibo with an exciting opportunity to resume co-operation with
TANESCO in making a contribution towards addressing Tanzania's
extensive and urgent energy needs. We are particularly excited to
embark on this process and to also introduce our bio-fuel approach
for evaluation as a possible substitute fuel source for the
Project, which if proven feasible, will convert the Project into a
carbon neutral project which in itself could have far reaching
implications for similar utility scale projects in the Southern
Africa region."
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014.
**ENDS**
For further information please visit www.kibo.energy or
contact:
Louis Coetzee info@kibo.energy Kibo Energy PLC Chief Executive Officer
Andreas Lianos +357 99 53 1107 River Group JSE Corporate and Designated
Adviser
------------------------------ ----------------------- -----------------------------
Claire Noyce +44 (0) 20 3764 2341 Hybridan LLP Joint Broker
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Damon Heath +44 207 186 9952 Shard Capital Partners Joint Broker
LLP
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Bhavesh Patel +44 20 3440 6800 RFC Ambrian Ltd NOMAD on AIM
/ Stephen
Allen
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Zainab Slemang Zainab@lifacommunications.com Lifa Communications Investor and Media Relations
van Rijmenant Consultant
------------------------------ ----------------------- -----------------------------
Johannesburg
23 November 2022
Corporate and Designated Adviser
River Group
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END
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